So, how many times have you asked someone in the financial world a question and they make you feel stupid? Not only stupid for asking the question, but just plain stupid? That’s what often happens when working with people. There used to be stocks, bonds and cash. There used to be whole life insurance and term life insurance. There used to be disability insurance. There used to be health insurance.
Now we have BDC’s and REIT’s and PPL’s and variable life insurance and variable universal life insurance and indexed life insurance and indexed universal life insurance and ETF’s and UIT’s and PPO’s and HMO’s and 401k’s and Roth 401k’s and IRA’s and Roth IRA’s and long term care insurance and then long term care riders and hybrids and properly structured life insurance and improperly structured life insurance . . . You get the point. The financial world of our parents and grandparents doesn’t exist today. It’s become much more complicated and demanding but also more individualized and more automated.
When working with an advisor, ask questions, and ask more questions, and then ask even more questions. The more you get a feel for what you’re investing in and what insurance coverage you’re actually getting, the more comfortable you’ll feel. You will then be able to Breathe Easier About Life™.
I love it when I get an e-mail from my clients in their early 80’s and the subject line reads “Another Stupid Question!” They’ve been working with me for so long that they’ve heard me say “The only stupid question in my eyes is an unasked question” hundreds of time. They can also repeat back to me another mantra of mine . . . “Even if you think you’ve asked the question 3 or 4 times, ask it again.”
I understand that the world of finances, insurance and estate planning can seem daunting. Now add a Private CFO to lead your way. The next time you have a stupid question, ask it. If the one who’s hearing the question makes you feel stupid, politely disengage and call me.